Physical Identity and Access Management Market was valued at USD 850 million in 2021 and is projected to grow at a significant CAGR of 14.5% during 2022-2029, reaching USD 2,511 million in 2029.
The factors driving the growth of Physical Identity and Access Management Market includes strict regulations imposed by Governments regarding the standardization of security protocols, increasing incidences related to identity fraud around the world, emerging trend of Bring Your Own Device (BYOD) and improvements in the living standards. Moreover, incorporation of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain with physical identity and access management solutions, growing demand for unifying diverse security systems and rapid urbanization, are further accelerating the market growth. In addition, the increasing investments by leading companies on research and development, strategic mergers, and alliances between corporations, rise in the launch of innovative products and growing population growth rates, are some of the additional factors supplementing the market growth.
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However, growth of the Physical Identity and Access Management Market is hindered due to growing concerns related to cybercrimes.
The leading players operating in the market are Atos SE, Nexus Group, Wipro Ltd, IBM Corporation, AWS, HID Global, Access Security Corporation, AlertEnterprise Inc, Micro Focus International plc and Oracle Corporation, among others.
Based on Component, the Services segment is predicted to grow at a significant CAGR during the forecast period
Increasing demand for maintenance and support services for real time monitoring access control systems, is propelling growth of then segment.
Based on Vertical, the Government & Defense segment is projected to expand at a remarkable CAGR over the forecast period
Physical identity and access solutions help Governments to infrastructure and protect users from identity frauds along with rising incidences of cyber-attacks across the globe, are some of the factors pushing growth of the segment.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Presence of the leading players such as IBM Corporation, AWS and HID Global, rising cases of cyber-attacks, growing adoption of advanced technologies by major companies, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the Physical Identity and Access Management Market size in North American region.
Key Development
- In 2019, AlertEnterprise Inc. developed facial recognition technology (FRT) to its Visitor Management Kiosk software. FRT delivers frictionless security to organizations that focuses on improving security and enhancing customer experience.
Market Segmentation
Segmentation by Component
- Software
- Services
Segmentation by Organization Size
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Segmentation by Vertical
- IT & Telecom
- Government & Defense
- BFSI
- Healthcare
- Energy & Utilities
- Transportation
- Education
- Others (retail, manufacturing, and logistics)
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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